A ‘more honest’ stock market

Hello friends, and welcome to Review Week! Last week, I talked about slowing down the growth of Clubhouse users. Well, the news spread this week that they were in talks with Twitter for a $4 billion acquisition, so it looks like they are still quite desirable.

This week, I am talking about a story published a few days ago that highlights something that is wild about the alternative resource world right now. If you have avoided all mention of NFT so far, I congratulate you, as it certainly seems that the broader NFT market is seeing some big pullbacks after February and March. 

A ‘more honest’ stock market

You’ll still see Game C-List celebrities make their debut in NFT art in the coming weeks, but more sophisticated playback in prices will probably give some of the NFT platforms a serious, better chance of focusing on the future and discovering how they truly are. I have spent the last few weeks chatting with a bunch of people from a specific community – one of the oldest active NFT communities on the web, known as CryptoPunks. It is a platform with 10,000 fun 24 × 24 pixel portraits and they trade at wild prices.

The film sold for $1.05 million. I talked to a dozen or so people (the person who sold that one dollar) who spent between a few thousand and millions of dollars on this pixelated portrait, my goal is to tap into the mentality of what is going on here? The implication is that these people will not see these resources as more sensitive what is going on in the more traditional theological “old world” markets such as the public stock exchange. A quote from my reporting:

“Obviously it’s a fairly speculative market … but it’s almost more honest than the stock market,” user Mac Orgeldinger told TechCrunch. “Callus to Elon Musk – and I’m a big Tesla fan – but there’s no basic element that supports this stock price. It is the same when you look at the GameStop. As with the entire NFT community, is almost more honest because there is some complex math for some that are deceived into thinking no one understands. It is just that people make the price, and if you want to pay, it’s the price, and if you don’t want to pay, it’s not the price.”